In order to prepare for the energy shift, India’s largest oil and gas producer, ONGC, plans to invest over Rs 1 lakh crore in building two petrochemical factories that will transform crude oil directly into high-value chemical goods, senior company officials announced on Wednesday. One of the main energy sources is crude oil, which is…
Crude oil fell -1.29% to settle at 6424, mostly due to record-high output in the United States despite encouraging signs of demand from China. The petroleum output increase estimate for 2023 was revised by the U.S. Energy Information Administration to 12.9 million bpd, which is somewhat less than earlier projections. Citing unanticipated production growth in…
The U.S. crackdown on Russian oil shipments has caused supply disruptions, which has caused oil prices to slightly rise on Tuesday. This was attributed to an OPEC report that stated market fundamentals remained solid. Brent crude futures had increased by 33 cents, or 0.4%, to $82.85 a barrel. At $78.59 a barrel, U.S. WTI crude…
The price of U.S. oil increased by about $1 a barrel on Thursday, reaching its highest level in more than a year as concerns about OPEC+ cuts headed by Saudi Arabia adding to supply shortages throughout the world. The movement was spearheaded by U.S. West Texas Intermediate oil futures (WTI), which surpassed $95 for the…
Oil prices increased on Monday as traders concentrated on a tighter supply outlook following Moscow’s temporary restriction on gasoline exports while avoiding any interest rate increases that may stifle demand. After ending the previous trading day 3 cents down, Brent crude futures increased 48 cents, or 0.5%, to $93.75 a barrel. U.S. West Texas Intermediate…
After industry data revealed a significantly steeper-than-expected draw in crude oil stocks last week in the U.S., the largest fuel consumer in the world, oil prices climbed more than 1% on Wednesday, trading close to their highest level since April. While U.S. West Texas Intermediate crude increased by 84 cents, or 1.03%, to $82.21 per…
The windfall tax on all domestically produced crude oil was increased by the centre from zero to Rs 6,400 per tonne. Additionally, the government eliminated the SAED, which had been charged at a rate of 0.5 rupees per litre. For the continued export of petrol and ATF (aviation turbine fuel), windfall tax exemptions are granted….
The stage has been prepared for other producers to compete for markets in Asia following an unexpected reduction in oil supply from OPEC+. Since the Organization of Petroleum Exporting Countries began actively controlling supplies in 2017, member states have given flows to Asia preferential treatment at the expense of nations like the U.S. China and…
Indian Oil Corporation Ltd. (IOCL), a state-run company, announced on Wednesday that its board of directors has approved the construction of a petrochemical complex at Paradip in the Indian state of Odisha, at an estimated cost of ₹ 61,077 crores. The PSU refiner said in a statement that the petrochemical complex will include a world-scale…
Oil prices were little altered on Friday following a meeting between Saudi Arabia and Russia that helped to calm the markets, but crude benchmarks were still on track to drop for a second consecutive week after this week’s sell-off in the global financial markets was started by a banking crisis. After ending three days of…
